NEOS Investment Management LLC Sells 12,537 Shares of Legend Biotech Co. (NASDAQ:LEGN)

NEOS Investment Management LLC reduced its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 52.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,362 shares of the company’s stock after selling 12,537 shares during the quarter. NEOS Investment Management LLC’s holdings in Legend Biotech were worth $370,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in LEGN. Artisan Partners Limited Partnership increased its stake in shares of Legend Biotech by 155.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock valued at $48,991,000 after acquiring an additional 915,891 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company’s stock valued at $32,475,000 after purchasing an additional 636,390 shares in the last quarter. IvyRock Asset Management HK Ltd raised its holdings in shares of Legend Biotech by 3,827.9% during the fourth quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company’s stock valued at $8,691,000 after purchasing an additional 260,300 shares during the period. Franklin Resources Inc. bought a new position in shares of Legend Biotech during the 3rd quarter worth about $12,837,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Legend Biotech in the 4th quarter valued at about $5,611,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $33.93 on Tuesday. The company has a market capitalization of $6.23 billion, a PE ratio of -35.72 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average price is $36.47 and its 200-day moving average price is $39.40. Legend Biotech Co. has a twelve month low of $30.17 and a twelve month high of $60.87.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $179.00 million. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. The business’s revenue was up 134.6% on a year-over-year basis. On average, equities analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on LEGN shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler restated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Morgan Stanley dropped their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Finally, HC Wainwright boosted their target price on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).